HealthJoy Funding, Investors & Competitors

HealthJoy has raised $109M across 5 funding rounds, most recently a $60M Series D in October 2022.

Last HealthJoy funding round

$60M

Series D · Oct 2022

Cumulative funding HealthJoy raised

$109M

across 5 funding rounds

Key investors in HealthJoy

  • U.S. Venture Partners
  • Chicago Ventures
  • EPIC Ventures
  • Health Velocity Capital
  • GoHealth
  • Brandon Cruz
  • Clint Jones
  • Social Capital

HealthJoy Overview

About HealthJoy

HealthJoy operates a benefits experience platform that connects employees to personalized healthcare guidance via AI chatbots and digital wallets. The system integrates employer benefits for on-demand telehealth consultations, prescription discounts, and concierge support, reducing HR inquiries. HealthJoy promotes cost savings through educated healthcare choices among staff. Chicago-headquartered since 2017, it serves mid-market companies across the United States with integrations to carriers like UnitedHealthcare and Aetna.


Founded

2014

HQ

United StatesChicago, IL

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

HealthJoy Funding History

HealthJoy has raised a total of $109M across 5 funding rounds.

HealthJoy's first fundraising round was a $3M seed round in March 2016. The most recent completed round was a $60M Series D in October 2022.

HealthJoy funding rounds

HealthJoy funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2022Series DValspring Capital (lead); Health Velocity Capital; Clint Jones; Brandon Cruz; U.S. Venture Partners; Endeavour Vision; EPIC Ventures; CIBC Innovation Banking; Nueterra Capital$60MHealthJoy is a Chicago-based healthcare navigation platform that simplifies benefits access for employees, integrates with all employer benefits including medical, dental, vision, savings accounts, clinics, and wellness initiatives, and provides 24/7 concierge support to improve benefits utilization, care outcomes, employee satisfaction, and reduce HR administrative burdens. The company raised $60 million in its Series D funding round on October 27, 2022, led by Valspring Capital, with participation from new investors Endeavour Vision and CIBC Innovation Banking, as well as existing investors U.S. Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital, and Epic Ventures. This round brought HealthJoy's total funding to over $108 million. HealthJoy plans to use the proceeds to accelerate platform growth, invest in technology innovation, expand teams, and pursue profitability through scaling operations while enhancing its industry-leading healthcare navigation capabilities. Since its prior Series C, the client base doubled to over 1,000 employers covering more than 500,000 employees and dependents. Valspring Capital highlighted HealthJoy's role in addressing benefits under-utilization due to lack of awareness, positioning it as a differentiator amid talent competition. The investment aligns with growing complexity in employer benefits, where HealthJoy focuses on technology and services to support HR and brokers in delivering health strategies effectively.
Feb 2020Series CHealth Velocity Capital (lead); Chicago Ventures; Clint Jones; Brandon Cruz; U.S. Venture Partners; EPIC Ventures$30MHealthJoy is a Chicago-based healthcare navigation and benefits experience platform that simplifies employee access to workplace health benefits through an AI-powered chatbot named JOY and concierge services. Originally focused on the individual health insurance market serving 60,000 members across ACA plans, it pivoted in 2016 to employer benefits engagement and cost containment, partnering with benefit administrators to direct users to lower-cost providers and high-ROI procedures like MRIs. On February 24, 2020, HealthJoy announced a $30 million Series C funding round led by Health Velocity Capital, with participation from existing investors U.S. Venture Partners, Chicago Ventures, Epic Ventures, and individuals Brandon Cruz and Clint Jones, co-founders of GoHealth. Saurabh Bhansali from Health Velocity Capital joined the board. This round brought total funding to approximately $50-53 million, including a $12.5 million Series B in 2019 and $3 million Series A in 2017. The proceeds were earmarked to accelerate core platform development, enhance the virtual assistant with proactive real-time benefits intelligence, expand services, and grow partnerships, targeting small and medium businesses. At the time, HealthJoy served 500 companies, aiming to reduce HR burden, lower healthcare costs, boost employee satisfaction, and demonstrate strong ROI on high-cost procedures. HealthJoy continued raising capital, securing a $60 million Series D in October 2022 led by Valspring Capital, bringing total funding to $108 million.
Mar 2019Series BU.S. Venture Partners (lead); Chicago Ventures; EPIC Ventures$13MHealthJoy raised $12.5 million in a Series B funding round on approximately March 8, 2019, led by U.S. Venture Partners, with participation from Chicago Ventures and EPIC Ventures. The round supported the company's growth as a healthcare navigation platform. HealthJoy, founded in 2014 and headquartered in Chicago, provides a platform that simplifies employee access to healthcare benefits, medical care, prescriptions, and wellness programs through a mobile app combining AI-driven assistance and personalized advocacy.
Aug 2017Series AChicago Ventures (lead); Relativity; Social Capital; OurHealth; GoHealth$3MHealthJoy is an AI-powered health benefits platform that helps employees navigate their healthcare plans. The company's core product is a mobile app powered by an AI chatbot named Joy, which guides users to find doctors, access wellness programs, and locate medication discounts. Joy is designed to reduce healthcare costs by preventing unnecessary doctor visits and identifying prescription savings opportunities, with users able to escalate to telemedicine doctors or healthcare concierges as needed. In August 2017, HealthJoy announced a $3 million Series A funding round led by Chicago Ventures, with participation from Social Capital, Sidekick Fund, GoHealth, and angel investors from health and technology companies. The round enabled the company to grow its team by 50 percent and expand platform integrations with partners specializing in predictive claim analytics. At the time, the company had recently crossed its first year since the $3 million seed funding led by GoHealth and was positioning itself to impact the large market for employee health benefits engagement and cost containment.
Mar 2016SeedGoHealth (lead)$3MHealthJoy is a healthcare decision platform founded in 2014 that helps people navigate healthcare choices and lower medical costs. The company developed JOY, an AI-powered virtual assistant supported by human healthcare concierge services, to guide users through healthcare decisions including finding providers, researching procedures, negotiating medical bills, and reducing prescription costs. In March 2016, HealthJoy raised over $3 million in seed funding led by GoHealth and angel investors. The company reported the round had already begun helping thousands of users through its intelligent platform. HealthJoy subsequently raised significantly more capital, including a $3 million Series A in August 2017, a $12.5 million Series B in 2019, a $30 million Series C in 2020, and a $60 million Series D in October 2022, bringing total funding to over $108 million.

Who has invested in HealthJoy?

14 investors have backed HealthJoy across its funding rounds, including U.S. Venture Partners, Chicago Ventures, EPIC Ventures, Health Velocity Capital, GoHealth and Brandon Cruz.

Lead investors include Valspring Capital, Health Velocity Capital, U.S. Venture Partners, Chicago Ventures and GoHealth.


HealthJoy Investors

Investors in HealthJoy by funding rounds participated
InvestorHQRoundsRoleFirst check
Chicago VenturesUnited StatesChicago, IL3LeadAug 2017
U.S. Venture PartnersUnited StatesSan Francisco, CA3LeadMar 2019
EPIC VenturesUnited StatesSalt Lake City, UT3ParticipantMar 2019
Health Velocity CapitalUnited StatesSan Francisco, CA2LeadFeb 2020
Clint JonesUnited StatesChicago, IL2ParticipantFeb 2020
Brandon CruzUnited StatesChicago, IL2ParticipantFeb 2020
GoHealthUnited StatesChicago, IL2LeadMar 2016
RelativityUnited StatesChicago, IL1ParticipantAug 2017
Social CapitalUnited StatesSan Francisco, CA1ParticipantAug 2017
Valspring CapitalUnited StatesBoston, MA1LeadOct 2022
OurHealthUnited StatesIndianapolis, IN1ParticipantAug 2017
Endeavour VisionSwitzerlandGeneva1ParticipantOct 2022

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HealthJoy Competitors

HealthJoy competitors include listed companies like Value HR and IQVIA, and private ones like Collective Health, Chapter, MediTrust Health and Rightway.

Public and private companies comparable to HealthJoy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Collective HealthUnited StatesSan Francisco, CAPrivate--$1.5B-
ChapterUnited StatesNew York City, NYPrivate--$3B-
MediTrust HealthChinaShanghaiPrivate$154M-$1.4B9.3x
RightwayUnited StatesNew York City, NYPrivate--$1.1B-
Value HRJapanJapanPublicly listed$65M$9M$270M4.1x
IQVIAUnited StatesUnited StatesPublicly listed$16B$3.4B$44B3.4x

HealthJoy Public Comps

HealthJoy is still privately-owned, but its public comps include UnitedHealth Group, Elevance Health, Cigna Group, Humana Inc., IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare and ICON plc.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
UnitedHealth Group$448B$23B0.9x0.9x16.7x13.3x
Elevance Health$199B$9.7B0.6x0.6x11.5x11.2x
Cigna Group$274B$12B0.4x0.3x8.2x7.5x
Humana Inc.$130B$3B0.4x0.3x17.8x16.6x
IQVIA$16B$3.4B3.6x3.4x17.2x14.8x
Veeva$3.2B$965M11.1x10.2x36.9x22.4x
IDEXX Laboratories$4.3B$1.5B9.5x8.9x27.1x24.9x
Roper Technologies$7.9B$3.2B6.1x5.7x15.2x14.6x

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Common questions about HealthJoy

When was HealthJoy founded?HealthJoy was founded in 2014.
Where is HealthJoy headquartered?HealthJoy is headquartered in Chicago, IL, United States.
Is HealthJoy publicly listed?No, HealthJoy is a private, VC-backed company.
How much funding has HealthJoy raised?HealthJoy has raised $109M across 5 funding rounds.
What was HealthJoy's last funding round?HealthJoy's last funding round was a $60M Series D in October 2022, led by Valspring Capital.
Who are HealthJoy's investors?HealthJoy's investors include Chicago Ventures, U.S. Venture Partners, EPIC Ventures, Health Velocity Capital, Clint Jones, Brandon Cruz, GoHealth, Relativity, Social Capital, Valspring Capital and 4 others.
Which companies are comparable to HealthJoy?Companies comparable to HealthJoy include Collective Health, Chapter, MediTrust Health, Rightway, Value HR and IQVIA.

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